The size of the change in the quantity demanded of a good or service due to a change in its price is measured by the elasticity of demand. When the percentage change in the quantity demanded for a good or service is less than the percentage change in price, the demand for that good or service is ________ and the measured price elasticity is ________. Select one: a. inelastic; less than 1 b. unitary; equal to 1 c. elastic; greater than 1
The size of the change in the quantity demanded of a good or service due to a change in its price is measured by the elasticity of demand. When the percentage change in the quantity demanded for a good or service is less than the percentage change in price, the demand for that good or service is ________ and the measured price elasticity is ________. Select one: a. inelastic; less than 1 b. unitary; equal to 1 c. elastic; greater than 1
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter5: Elasticity
Section: Chapter Questions
Problem 6SCQ: Suppose you are in change of sales at a pharmaceutical company, and your firm has a new drug that...
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(7)
The size of the change in the quantity demanded of a good or service due to a change in its
Select one:
a. inelastic; less than 1
b. unitary; equal to 1
c. elastic; greater than 1
(8)
The principal goal of the aggregate demand and
Select one:
a. contractions and expansions in individual markets.
b. shifts in the price level and the real GDP .
c. two goals of economic policy which are economic growth and full employment.
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